Polymetal International plc (POLY) 
Polymetal: Pesherny initial Ore Reserve estimate 
 
06-Nov-2020 / 10:00 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY 
Date         06 November 2020 
 
Polymetal International plc 
 
           Pesherny initial Ore Reserve estimate 
 
   Polymetal reports initial Ore Reserve estimate for Pesherny deposit (Voro 
           hub) of 0.4 Moz of gold. 
 
  "Establishing high-grade reserves for Pesherny is an important achievement 
          in extending Voro's life-of-mine", said Vitaly Nesis, Group CEO of 
           Polymetal. 
 
           HIGHLIGHTS 
 
? The initial JORC-compliant Ore Reserve estimate as at 1 July 2020 
comprises 2.1 Mt of ore with an average gold grade of 6.0 g/t containing 
399 Koz of gold. 
 
? The reserve estimate assumes 7 years of open-pit and underground mining 
which is expected to commence in Q3 2021. 
 
? 90% of the reserves are represented by primary ore which will be 
processed at the Voro flotation plant (under construction, start of 
production in Q1 2023). Refractory gold concentrate will be treated at 
Amursk POX-2. Oxide ore will be processed at the existing Voro CIP plant. 
 
? Life-of-mine production from refractory material is expected to amount 
310 Koz of gold. Average annual production in 2023-2027 is estimated at 
roughly 55 Koz of gold at AISC of US$ 450-500/oz. 
 
? Mineral Resources (additional to Ore Reserves) amount to 0.5 Mt of ore 
with an average gold grade of 6.5 g/t representing 97 Koz of gold 
contained. 
 
           ORE RESERVE AND MINERAL RESOURCE STATEMENT 
 
   The Ore Reserve and Mineral Resource estimates are reported in accordance 
       with the JORC Code (2012) as at 1 July 2020 using a gold price of US$ 
1,200/oz and were prepared by Polymetal. For primary ores a cut-off grade of 
      0.8 g/t and 2.4 g/t gold was applied for open pit and for underground, 
respectively. For oxidised ores a cut-off grade of 0.6 g/t of gold was used. 
 
           Pesherny Initial Ore Reserve estimate 
 
Ore Reserves   Tonnage, Au grade, Au content, 
 
                  Kt       g/t        Koz 
Probable 
Open-pit        1,340      5.4        232 
Oxidised ore     210       4.3        28 
Primary ore     1,130      5.6        204 
Underground      730       7.1        167 
Total Probable  2,070      6.0        399 
 
           Notes: discrepancies in calculations are due to rounding. 
 
           Pesherny Additional Mineral Resource estimate 
 
Mineral Resources (additional to  Tonnage, Au grade, Au content, 
Ore Reserves) 
 
                                     Kt       g/t        Koz 
Indicated 
Underground                          90       6.9        21 
Total Indicated                      90       6.9        21 
 
Inferred 
Open-pit                             20       2.3         1 
Oxidised ore                         10       2.0         1 
Primary ore                          10       3.1         1 
Underground                         350       6.7        75 
Total Inferred                      370       6.4        77 
 
Indicated + Inferred 
Open-pit                             20       2.3         1 
Oxidised ore                         10       2.0         1 
Primary ore                          10       3.1         1 
Underground                         440       6.7        96 
Total Indicated + Inferred          460       6.5        97 
 
           Notes: discrepancies in calculations are due to rounding. 
 
           ABOUT PESHERNY 
 
Pesherny is a refractory gold deposit discovered by Polymetal in 2017. It is 
 located in Russia's Sverdlovsk region, approximately 10 km from the city of 
          Krasnoturinsk and 15 km from Polymetal's Voro production site. The 
  industrialised and moderately populated area around the deposit is home to 
        several mining companies, ensuring good access to the grid and other 
           infrastructure. 
 
     The deposit lies in the peripheral part of the Turinsky volcanotectonic 
   depression. Metasomatically altered mineralisation zone is located at the 
    steep contact area of volcanic-sedimentary rocks with a basalts layer. A 
series of gold-containing oxidised and primary ore deposits are detected and 
 tracked within the mineralisation zone. Plan view the ore zone is stretched 
to the north-east, has a strike length of up to 360 m and width of 30-120 m. 
Section view it dips to the south-east at an average angle of 68 degrees and 
has a length of 330 m with width of 40-70 m. Morphology wise ore bodies have 
  lens and bedding plane form with contractions and swells and heterogeneous 
   internal structure. Mineralisation has disseminated and vein-disseminated 
           characteristics. 
 
           Competent persons 
 
 This estimate was prepared by employees of JSC Polymetal Management Company 
           and JSC Polymetal Engineering, led by Mr. Vladislav Kolosov. 
 
      Mr. Kolosov is the employed full-time as the Deputy Head of Production 
      Department at Polymetal Management Company and has more than 20 years' 
   experience in gold, silver and polymetallic mining. He is a Member of the 
  Institute of Materials, Minerals & Mining (MIMMM), London, and a Competent 
           Person under the JORC Code. 
 
         Listed below are Competent Persons employed by the Company that are 
    responsible for relevant research on which the Mineral Resources and Ore 
           Reserves estimate is based: 
 
? Geology and Mineral Resources - Andrey Gottman, Chief Operations 
Geologist at the Ural branch of Polymetal Management Company, member of 
National Association for Natural Resources Expert Appraisal (NAEN), with 
20 years' relevant experience; 
 
? Mining and Ore Reserves - Vladislav Kolosov, Deputy Head of Production 
Department at Polymetal Management Company, MIMMM, with 20 years' relevant 
experience; 
 
? Concentration and Metals - Nikolay Rylov, Head of the Laboratory at 
Polymetal Engineering, MIMMM, with 13 years' relevant experience. 
 
All the above-mentioned Competent Persons have sufficient experience that is 
         relevant to the style of mineralisation and types of deposits under 
consideration and to the activity being undertaken to qualify as a Competent 
         Person as defined in the 2012 Edition of the 'Australasian Code for 
 Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC 
           Code). 
 
      All Competent Persons have given their consent to the inclusion in the 
 report of the matters based on their information in the form and context in 
           which it appears. 
 
           About Polymetal 
 
  Polymetal International plc (together with its subsidiaries - "Polymetal", 
   the "Company", or the "Group") is a top-10 global gold producer and top-5 
    global silver producer with assets in Russia and Kazakhstan. The Company 
           combines strong growth with a robust dividend yield. 
 
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ISIN:          JE00B6T5S470 
Category Code: MSCM 
TIDM:          POLY 
Sequence No.:  87330 
EQS News ID:   1145957 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

November 06, 2020 02:00 ET (07:00 GMT)

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